Forma Brands Is Out of Bankruptcy and Has New CEO

Forma Brands, LLC has completed the previously announced sale of substantially all of the company's assets to an investor group and the emergence of company operations from the restructuring process.

The company filed for bankruptcy in late 2022. Brand under its umbrella at that time included Morphe, Lipstick Queen and Ariana Grande's R.E.M. Beauty. Grande earlier this year acquired the rights to her brand, as reported by Happi.

In addition to Jefferies Finance LLC, funds managed by Cerberus Capital Management, L.P., and FB Intermediate Holdings, LLC, the company's new owners now also include consumer brand investment company &vest.

“On behalf of the entire investor group, we are pleased to complete the acquisition of Forma Brands, enabling the company to move forward in a position of financial strength,” said Thomas Brady, president of Jefferies Finance LLC. “With a new capital structure that includes additional liquidity and less debt, Forma Brands is poised to return to growth and increase profitability while it continues providing consumers around the globe with thoughtfully selected beauty products.”

According to Simon Cowell, president of Forma Brands, this marks the start of an “exciting new chapter.”

Cowell continued, “With new capital and the support of our investor group, we are moving forward with the resources necessary to support the execution of our new long-term growth strategy focused largely on our global wholesale and e-commerce operations. We are excited about the opportunities ahead for Forma Brands and our multi-category portfolio of innovative beauty brands.”

New CEO: Cliff Moskowitz

In connection with the completion of the transaction, Cliff Moskowitz, an operating partner at &vest, has joined Forma Brands as chief executive officer. Moskowitz brings more than 20 years of leadership experience in the retail industry, previously serving as the CEO of Outdoor Voices and managing InterLuxe Holdings, where he drove operational improvements and led investments in world-class retail brands including Jason Wu, A.L.C. and Mackage.

“The company benefits from an innovative brand and marketing strategy, a strong portfolio – including Morphe, Morphe 2 and Born Dreamer – and an exceptional network of global creators, influencers, affiliate partners and retail partners. We see compelling opportunities to drive growth in the business, including new products, geographies and channel and distribution partners – all of which we are going to pursue,” said Moskowitz.

Doug Jacob, co-founder of &vest, said, “We know the strong affinity that consumers have for the Forma portfolio of brands and believe we can unlock significant growth by leveraging not only our operational expertise, but also that of the rest of the Investor Group and the already-incredible team at Forma.”